Clearbridge Investments LLC Trims Position in Liberty Media Corporation - Liberty Formula One Series C $FWONK

Key Points

• Clearbridge Investments reduced its stake in Liberty Media Formula One Series C (NASDAQ:FWONK) by 3.9% in the fourth quarter, selling 69,224 shares and leaving it with 1,718,546 shares worth about $169.3 million.
• The stock has seen continued institutional buying overall, with several large funds including Vanguard, Principal Financial, and Geode Capital increasing their positions; hedge funds and other institutions now own 92.26% of the shares.
• FWONK recently reported better-than-expected quarterly results, earning $0.03 per share versus an expected loss, while revenue of $711 million also topped estimates; analysts currently have a consensus rating of “Moderate Buy” with an average price target of $111.75.

Clearbridge Investments LLC cut its holdings in shares of Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Free Report) by 3.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,718,546 shares of the company's stock after selling 69,224 shares during the period. Clearbridge Investments LLC owned 0.69% of Liberty Media Corporation - Liberty Formula One Series C worth $169,294,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Liberty Media Corporation - Liberty Formula One Series C by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 21,133,295 shares of the company's stock valued at $2,081,841,000 after buying an additional 715,525 shares during the period. Principal Financial Group Inc. increased its stake in shares of Liberty Media Corporation - Liberty Formula One Series C by 1.0% during the fourth quarter. Principal Financial Group Inc. now owns 12,695,840 shares of the company's stock valued at $1,250,671,000 after buying an additional 129,822 shares during the period. Schroder Investment Management Group increased its stake in shares of Liberty Media Corporation - Liberty Formula One Series C by 2.1% during the third quarter. Schroder Investment Management Group now owns 8,843,048 shares of the company's stock valued at $923,656,000 after buying an additional 186,077 shares during the period. Geode Capital Management LLC increased its stake in shares of Liberty Media Corporation - Liberty Formula One Series C by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 3,983,116 shares of the company's stock valued at $391,290,000 after buying an additional 36,599 shares during the period. Finally, Bank of America Corp DE increased its stake in shares of Liberty Media Corporation - Liberty Formula One Series C by 3.8% during the second quarter. Bank of America Corp DE now owns 2,665,969 shares of the company's stock valued at $278,594,000 after buying an additional 98,354 shares during the period. 92.26% of the stock is owned by hedge funds and other institutional investors.

Liberty Media Corporation - Liberty Formula One Series C Price Performance

NASDAQ FWONK opened at $87.68 on Monday. Liberty Media Corporation - Liberty Formula One Series C has a twelve month low of $80.15 and a twelve month high of $109.36. The firm has a market capitalization of $19.65 billion, a PE ratio of 40.22 and a beta of 0.47. The stock's 50 day moving average is $88.67 and its 200 day moving average is $89.78.

Liberty Media Corporation - Liberty Formula One Series C (NASDAQ:FWONK - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.09. The firm had revenue of $711.00 million for the quarter, compared to the consensus estimate of $683.42 million. On average, research analysts anticipate that Liberty Media Corporation - Liberty Formula One Series C will post 1.98 earnings per share for the current year.

Insider Buying and Selling

In other Liberty Media Corporation - Liberty Formula One Series C news, Director Chase Carey sold 100,000 shares of the business's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $90.28, for a total value of $9,028,000.00. Following the sale, the director directly owned 94,356 shares of the company's stock, valued at approximately $8,518,459.68. The trade was a 51.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 4.31% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on FWONK shares. UBS Group dropped their price target on Liberty Media Corporation - Liberty Formula One Series C from $107.00 to $104.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 15th. Wall Street Zen upgraded Liberty Media Corporation - Liberty Formula One Series C from a "sell" rating to a "hold" rating in a research report on Saturday. Weiss Ratings upgraded Liberty Media Corporation - Liberty Formula One Series C from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, May 1st. JPMorgan Chase & Co. dropped their price target on Liberty Media Corporation - Liberty Formula One Series C from $115.00 to $111.00 and set an "overweight" rating on the stock in a research report on Friday, May 29th. Finally, Wells Fargo & Company lifted their price target on Liberty Media Corporation - Liberty Formula One Series C from $89.00 to $97.00 and gave the company an "equal weight" rating in a research report on Friday, May 8th. Five analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $111.75.

Liberty Media Corporation - Liberty Formula One Series C Profile

Liberty Media Corporation - Liberty Formula One Series C NASDAQ: FWONK is a tracking stock that represents Liberty Media's economic interest in the Formula One Group, the commercial operator of the FIA Formula One World Championship. Liberty Media is a diversified media and entertainment company that owns and manages a portfolio of media, communications and entertainment businesses. The Formula One Group conducts the commercial activities of one of the world's largest motor sports properties, packaging live races, media rights, sponsorships, licensing and related consumer products around a global sporting calendar.

The Formula One business comprises the sale and distribution of broadcast and digital media rights, race promotion and event management, sponsorship and brand partnerships, merchandising and licensing, and direct-to-consumer digital products and services.

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